When you have considerable assets, you have a lot to lose in a divorce, and in some cases, Maryland residents who were in high-asset marriages take extra steps to make sure they get everything owed to them amidst the split. Increasingly, one or both parties navigating their way through a divorce are hiring forensic accountants, which are essentially accounting professionals that have special additional skills, to help make fair and equitable asset division a reality.
Just what types of matters might a forensic accountant be able to assist you with as you work your way through a divorce?
In many cases, forensic accountants double as valuation experts, meaning they can often help you determine the value of complex assets or other assets that are currently of undetermined value. For example, say your spouse has an art collection or business partnership interests in a physician’s practice or another type of business. Your forensic accountant may help you figure out the value of these assets so that you can fight for your fair share.
Identifying unethical practices
Another common reason people going through divorces often hire forensic accountants is because they want to get the truth about their ex’s income or assets. Maybe you have valid concerns that your spouse is intentionally shielding assets from you by placing them in a hidden or offshore bank account. Conversely, maybe you believe your ex is padding payroll, coming up with fake expenses or otherwise using his or her company in an effort to reduce how much he or she will have to split with you.
Sometimes, simply hiring a forensic accountant is enough to scare your ex into coughing up information he or she might have previously tried to conceal. If not, the forensic accountant may still be able to perform the detective work necessary to help you get everything you deserve in your divorce.